Bulgaria’s Euro Day 3: Currency Switch Proceeds Smoothly Despite Deep Public Skepticism

So Bulgaria adopted the euro on January 1st, and here we are three days in. ATMs are spitting out euros. Stores are displaying dual prices. The ECB president sent her warm congratulations.

And more than half the country didnt want this to happen.

Look, I grew up in Detroit. I know what it feels like when decisions get made by people in fancy offices who never had to worry about grocery bills. And watching Bulgarias euro adoption unfold feels real familiar – the bankers are celebrating while regular folks wonder if their wages are gonna buy less next month.

The Technical Stuff Is Working

Credit where its due – the actual mechanics of the currency switch have gone pretty smooth. Day 3 and the system hasnt crashed.

Both Bulgarian lev and euro remain legal tender through January 31st. Fixed exchange rate: 1.95583 lev equals 1 euro. Commercial banks and post offices are exchanging currency for free through June 30th. After that they can charge fees, but service continues through December 31st.

The Bulgarian National Bank will exchange lev banknotes indefinitely at their Sofia headquarters and Cash Service offices. Other eurozone central banks will do free exchanges until March 2nd, up to BGN 2,000 per transaction.

Stores will display dual pricing – both lev and euro – through August 2026. So for the next several months, every price tag is gonna have two numbers on it.

But Nobody Asked the People

Heres where it gets uncomfortable. Recent polls showed 57% of Bulgarians opposed euro adoption. A June survey had it even closer – 46.8% opposed versus 46.5% in favor.

And get this: 63% wanted a referendum on the decision. Majority would have voted no.

President Rumen Radev called this out in his televised address before the midnight switch. He described the euro as a “final step” in EU integration, but criticized the absence of a public referendum. The “refusal was dramatic symptom of deep divide between political class and people,” he said.

Sound familiar to anyone else?

Why Bulgarians Are Worried

The concerns are straightforward and completely understandable. Inflation. Price increases. Wage stagnation.

Bulgaria is the poorest country in the EU. When youre already stretching every paycheck, the idea of a currency switch – with all the potential for price rounding and “adjustment” – is terrifying.

“Great! It works!” some residents told reporters at ATMs Friday. Others expressed fear about rising costs. The enthusiasm is real. So is the anxiety.

Political Chaos Continues

Adding to the uncertainty: Bulgaria is heading toward its 8th election in 5 years. Mass anticorruption protests in December 2025 toppled the government. The administration withdrew its 2026 budget after those demonstrations.

So youve got a major economic transition happening during political instability, without public buy-in, in the poorest EU member state. What could go wrong?

The Bigger Picture

Bulgaria is now the 21st member of the eurozone and the first Black Sea nation to adopt the currency. 356 million Europeans now use the euro.

ECB President Christine Lagarde offered her warmest welcome to “the euro family.” Images of Bulgarian euro coins lit up central bank headquarters in Sofia. Crowds gathered in freezing temperatures to watch the midnight changeover.

The country joined the EU way back in 2007. Thats 18 plus years of pushing for eurozone membership. The political class finally got what they wanted.

Whether the people will benefit… well, thats gonna take longer to figure out.

My Take

I try not to be too cynical about these things. Currency unions can bring real benefits – reduced transaction costs, price stability, integration with the broader European economy. The European Central Bank’s official statement lays out all the technical benefits if you want the institutional view.

But man, when you see 63% of a country wanting a vote on a major economic decision and not getting one? When the president himself is calling out the disconnect between leaders and citizens? We covered the initial adoption and what it means for working people – and three days later, not much has changed.

That tells you something about who these policies are really designed for.

The EU celebrates another expansion of the eurozone. The bankers in Sofia light up their headquarters. Al Jazeera captured the ceremony. And somewhere, a Bulgarian grandmother is staring at dual-priced bread wondering if her pension is gonna stretch as far next month.

Thats not cynicism. Thats just paying attention.